Ok, so I get what all the pedals do, like wah-wah, distort, noise-compressor, and whatever. But EQ seems to have some weird description. What does it actually do?
It boosts and cuts frequencies.
It's an equalizer. Think of it as an expanded version of the Bass, Mid, Treble knobs on your amp.
I would say they're used to 'Fine Tune' the Equalization